The Shadow Chancellor said on a panel that the far-left country should have learned lessons from the UK

He went on: "All the objectives of Chavez, in terms of tackling inequality, investing in education, developing people’s skills, would have been successful if they had mobilised the oil resources to actually invest in the long term and work with private sectors as well."The left-wing country has descended into chaos under Chavez's successor Nicolas Maduro.

The country's socialist policies have sent inflation soaring, which led to violent protests across the country, and severe food shortages.

WAGE WAR

Speaking at Davos today he also called for accountants to swear a new kind of Hippocratic oath to promise not to help people avoid paying their taxes.

He also called on all businessmen and politicians involved in tax policy to release their income tax returns too - like he and Mr Corbyn have done - and a new Robin Hood tax on trading.

He told world leaders: "I come with a warning. When people are in depths of a recession, they focus on survival… now growth is returning but don't feel they are participating, that's when people become really alienated and angry.

"There is an anger out there, you need to realise and deal with it."

Meanwhile, it was revealed that Mr McDonnell was staying in a posh £700-a-night hotel during his stay.

The hotel boasts the largest indoor pool in Davos, and also offers a nightly five-course dinner prepared from fresh regional produce.